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Wednesday, 27 July 2011

UK GDP 'better than expected'

The latest figures showing a slight growth in the UK's gross domestic product (GDP) are not as bad as expected, according to business analyst PricewaterhouseCoopers (PwC).

It comes after the Office of National Statistics published figures showing that the economy grew by 0.2 per cent in the second quarter of 2011 which, although weaker than the 0.5 per cent recorded in Q1, was still better than the 0.5 per cent fall in Q4 2011.

Dr Esmond Birnie, PwC's chief economist in Northern Ireland, said the growth estimates are "not great", but noted that they are not negative at least.

"We are not in double dip recession territory and the underlying rate of growth is probably better than today's 0.2 per cent growth would suggest," he added.

It comes after research carried out by Investec found that the UK's businesses are expecting the economy to continue recovering in the coming months and years and, as a result, are curbing any plans for overseas migration.

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Posted by John Oak and Wayne BlyADNFCR-1617-ID-800636633-ADNFCR

Source: The Sales Director News

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